The table below shows the calculation of the Groupe’s free cash flow.
| (in millions of euros) | H1 2025 | H1 2024 |
|---|---|---|
| EBITDA | EBITDA H1 2025 1,501 |
EBITDA H1 2024 1,401 |
| Financial interest paid/received (net) | Financial interest paid/received (net) H1 2025 (22) |
Financial interest paid/received (net) H1 2024 13 |
| Repayment of lease liabilities and related interests | Repayment of lease liabilities and related interests H1 2025 (232) |
Repayment of lease liabilities and related interests H1 2024 (224) |
| Income tax paid | Income tax paid H1 2025 (350) |
Income tax paid H1 2024 (376) |
| Other | Other H1 2025 46 |
Other H1 2024 48 |
| Cash flow from operations before change in WCR | Cash flow from operations before change in WCR H1 2025 943 |
Cash flow from operations before change in WCR H1 2024 862 |
| Investments in fixed assets (net) | Investments in fixed assets (net) H1 2025 (115) |
Investments in fixed assets (net) H1 2024 (118) |
| Free cash flow before change in WCR | Free cash flow before change in WCR H1 2025 828 |
Free cash flow before change in WCR H1 2024 744 |
The Groupe’s free cash flow, excluding change in working capital requirements, was euro 828 million in the first half-year 2025, up euro 84 million compared to the same period in 2024, notably in relation to the EBITDA, which increased by euro 100 million.
Income tax paid amounted to euro 350 million, down euro 26 million from euro 376 million in H1 2024, which included some non-recurring payments.
Repayments of lease liabilities and related interests amounted to euro 232 million in H1 2025, in line with euro 224 million in H1 2024.
Net financial interests generated a euro 22 million outflow for the first half-year 2025, compared to euro 13 million income in H1 2024.
Net investments in fixed assets amounted to euro 115 million in H1 2025, broadly flat compared to euro 118 million in H1 2024.
Transactions with related parties mainly concern those carried out with associates and there were no significant changes in transactions with related parties during the first six months of the year.
Operating income totaled euro 138 million in the first half-year 2025, compared with euro 120 million for the same period of the previous year. It includes rental income on real estate and fees for services contracted by the Groupe’s subsidiaries for euro 15 million, as in H1 2024, and pass-through revenue and other income for euro 118 million (compared with euro 106 million in H1 2024). The majority of these last items have no impact on the Company’s net income, since they are offset by operating expenses. The increase comes from the re-invoicing to Groupe agencies of the deliveries of free shares to employees benefitting from LTI plans.
Operating expenses amounted to euro 138 million as of June 30, 2025, compared with euro 125 million the previous year. Excluding pass-through costs, they remained stable.
As a result, operating income is balanced in the first half of 2025, compared with a loss of euro 5 million in 2024.
Financial income amounted to euro 8 million in H1 2025, compared to euro 5 million the previous year, thanks in particular to the dividends received from subsidiaries.
Financial expenses totaled euro 34 million in H1 2025, compared to euro 58 million the previous year. This change is mostly related to the decrease in the interest expenses related to the Groupe's cash pool and intra-group loans.
Pre-tax profit was a loss of euro 26 million in the first half of 2025, compared with a loss of euro 57 million in H1 2024.
After inclusion of euro 2 million income tax credit resulting from the French tax consolidation, the net income of Publicis Groupe SA, the Groupe’s parent company, was a loss of euro 24 million as of June 30, 2025, compared with a loss of euro 53 million as of June 30, 2024.
